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JLL Affordable Housing is pleased to present the exclusive listing of the Limited Partner Interest in the HFC Structure for Stonegate at Alvin, a LIHTC asset located in Alvin, TX. Located in the Houston MSA which is the 6th largest in the country with more than 7 million residents. Houston is home to 21 Fortune 500 companies, has over 3 million jobs and was the 3rd fastest growing MSA in the last decade. The investment opportunity includes a strong location in the Houston MSA, a 100% tax exemption, attractive assumable financing, strong amenities and an attractive value add component.
- A 100% tax exemption affords potential buyers increased cash flow and removes the risk associated with an aggressive reassessment.
- In April of 2019 the current owners closed on a HUD 223(f) refinance. The assumable loan features a low monthly payment relative to the leverage level due to attractive provisions including a 3.98% interest rate and a fully amortizing 35-year term.
- Features amenities that are more than competitive with the submarket including a playground, gated access, clubhouse, basketball court and business center. The inside of the units features dishwashers, garbage disposals, microwaves, refrigerators and washer/dryer hook-ups.
- The asset is currently 100% occupied with a waiting list on all unit types. This provides a potential buyer the opportunity to raise in place rents up to 15% to the max allowable and realize impressive double digit returns.